Cerebras CEO explains IPO withdrawal, says AI chipmaker still intends to go public

3 months ago 31

Cerebras CEO Andrew Feldman speaks to the media astatine the Colovore bureau successful Santa Clara, Calif., connected March 12, 2024.

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Cerebras CEO Andrew Feldman admitted that his artificial quality chipmaker made a mistake past week erstwhile it didn't instantly explicate its determination to withdraw its registration for an archetypal nationalist offering.

In a LinkedIn post precocious Sunday, Feldman wrote that the institution inactive wants to spell nationalist but has changed importantly since its archetypal filing a twelvemonth ago. Cerebras wants to revise parts of its prospectus earlier selling shares to the public.

"Given that the concern has improved successful meaningful ways we decided to retreat truthful that we tin re-file with updated financials, strategy accusation including our attack to this the [sic] rapidly changing AI landscape," Feldman wrote.

Days earlier filing its withdrawal announcement connected Friday, Cerebras announced a $1.1 cardinal funding round astatine a valuation of $ 8.1 billion. Some of the investors successful the caller round, including Tiger Global and 1789 Capital, wherever Donald Trump Jr. is simply a partner, weren't named successful the 2024 filing, helium added.

"We made this telephone due to the fact that it's successful the champion involvement of our investors, partners, and squad — and it volition let imaginable investors to amended recognize the worth of the concern erstwhile we participate the nationalist markets," Feldman wrote, without providing a timeline for a caller filing.

In its prospectus, Cerebras characterized itself arsenic a institution that produces large-scale chips for grooming and moving AI models. This twelvemonth the institution has added unreality concern arsenic it operates information centers that tin grip incoming requests from AI models.

What's remained is Cerebras' insistence that its hardware outperforms graphics processing units, oregon GPUs, a marketplace that Nvidia dominates but wherever Advanced Micro Devices is trying to play catch-up. AMD said Monday that OpenAI committed to deploying up to 6 gigawatts' worth of the company's AI processors and could extremity up owning 10% of the chipmaker.